India: Sponge iron prices fall by INR 100-700/t d-o-d on weak market sentiment- 13 Nov

• Offers reduced to stimulate demand
  
  
• Semis, finished activity stays muted
  
  

Sponge iron prices in India decreased today by INR 100-700/tonne (t) across various regions due to weakened market sentiment.

Due to muted activity in the semi-finished and finished steel segments, demand was low on Wednesday, which resulted in further offer reductions.

PDRI prices closed within the range of INR 25,000-27,400/t, while CDRI prices were assessed at INR 27,300-31,800/t.

South African RB2 prices remained stable, with 5500 NAR at INR 9,500/t exw-Gangavaram.

Transactions of approximately 5,400 t were recorded, up from 3,600 t on 12 November.

Rationale

Prices have been derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.

Click here for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative